ip-based subdomain in whm?

I'm moving onto a Cpanel/WHM server shortly, and am wondering if it is possible to create an ip-based subdomain account.

If I have mydomain.com, rather than just make a subdomain of it where all bandwidth usage is taken from mydomain.com's account, I would like to create a new client account in whm, with sub.mydomain.com as the domain name, but a different IP, therefore sub.mydomain.com would be treated just like a regular account..

Or, is there any way to manage the subdomains seperate from the main domain in Cpanel/WHM?

/me wonders &amp;did that come across right?&amp;...

Basically, If I wanted to offer hosting to people and offer subdomains off my account (so they don't have to register their own domain) can I do this while still allowing them all the controls of cpanel, etc?

so I'm guessing I would just provide sub.mydomain.com in the domain name field, and give them an IP, and all will work as expected? (user logs in at sub.mydomain.com/cpanel/ ... bw usage is seperate from mydomain.com... )